Stochastic programming approach for optimal day-ahead market bidding curves of a microgrid

Optimal energy management of microgrid in day-ahead and intra-day markets using a copula-based uncertainty modeling method

Recently, economic and environmental problems have created a strong attitude toward utilizing renewable energy sources (RESs). Nevertheless, uncertainty of wind and solar power leads to a more complicated energy management (EM) of RESs in microgrids. This paper models and solves the EM problem of microgrid from the generation point of view. To do this, mathematical formulation of a grid- connec...

Optimal Bidding Strategies for Wind Power Producers in the Day-ahead Electricity Market

Wind Power Producers (WPPs) seek to maximize profit and minimize the imbalance costs when bidding into the day-ahead market, but uncertainties in the hourly available wind and forecasting errors make the bidding risky. This paper assumes that hourly wind power output given by the forecast follows a normal distribution, and proposes three different bidding strategies, i.e., the expected profit-m...

Optimal Bidding Strategy for GENCO with Green Power in Day-ahead Electricity Market

The electricity market has evolved from a regulated monopoly to a more liberalized competitive market, which allows a generating company (GENCO) to bid to provide energy. The two-period structure of the electricity market (day-ahead and real-time market) introduces a mechanism for determining the GENCO’s optimal bidding strategy. The difference between clearing prices for each period adds uncer...

A Stochastic Programming Model for a Day-Ahead Electricity Market: a Heuristic Methodology and Pricing

Day-ahead market bidding for a Nordic hydropower producer: taking the Elbas market into account

In many power markets around the world the energy generation decisions result from two-sided auctions in which producing and consuming agents submit their price-quantity bids. The determination of optimal bids in power markets is a complicated task that has to be undertaken every day. In the present work, we propose an optimization model for a price-taker hydropower producer in Nord Pool that t...